Please see the notes on the chart. Correction - it is not 50 day MA but 200 MA. Sorry.
The 200 MA would offer pretty major resistance and the long term charts are still bullish. We are dealing with a single news event currently. Any good news on oil or its demand and a huge lift will happen. Price needs to be below the 200 MA and the 200 MA needs to be pointing down, not up for this to be a turn for me IMO. The world is awash with interest free money and money will find its way for the best return.